Enviva (NYSE:EVA) stock is on the move Thursday as investors in the wood pellets manufacturing company react to it filing for Chapter 11 bankruptcy protection.
Enviva is planning to use this bankruptcy filing to restructure its business. This includes retiring about $1 billion in debit with creditors that are invested in the company’s operations.
Glenn Nunziata, interim CEO of Enviva, said the following about the bankruptcy filing to the Associated Press.
“We look forward to emerging from this process as a stronger company with a solid financial foundation and better positioned to be a leader in the future growth of the wood-based biomass industry.”
How This Affects EVA Stock
Investors aren’t happy about the bankruptcy filing and that makes sense as it shows the dire straits the company is in. While Enviva intends to exit this bankruptcy with less debt, there’s no doubt that it had shareholders worried.
That’s why it makes sense that EVA stock was falling hard in trading earlier this morning. However, the stock has since recovered from that dip and is up 16% as of Thursday morning.
This comes alongside some 3.2 million shares of EVA stock changing hands. That’s closing in on its daily average of about 4 million shares.
There are more stock market stories for traders to read about down below!
We have all of the latest stock market stories worth catching up on for Thursday! That includes what’s going on with shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC), Fisker (NYSE:FSR) and WW International (NASDAQ:WW) stock today. You can read up on these matters at the following links!
More Thursday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
